What Sort of Workplace Do Gen Y, X, Z Want?

Is there any similarity or difference between the millennium generation and and generation X that precedes it and Y that comes in later in the concept and goals at work?

A global study conducted by INSEAD, Universum and the Head Foundation, revealed that while all three generations share an increasing enthusiasm for entrepreneurship, they differ in their fears about the future of work.

The report says it is crucial for firms and leaders to understand these differences to take more informed decisions about training, leadership development and culture-building for a multi-generational and diverse workforce.

Writing in the INSEAD Knowledge blog, Henrik Bresman, an Associate Professor of Organisational Behaviour at INSEAD and Vinika D. Rao, Executive Director of the INSEAD Emerging Markets Institute (EMI), point out that “Generation Y” or the “millennial generation” members as they’re commonly known, have forced a great deal of change in the workplace.

Born between the early 1980s and mid-1990s. with unprecedented access to technology, this generation has practically redefined how they expect the leaders to behave and give them the opportunities they feel they deserve.

In this context, the Professors referred to an earlier global survey conducted by INSEAD, Universum and the Head Foundation in 2014 where they found that millennials were willing to be coached and mentored.

While becoming a manager was important to them, so was work-life balance. Most of them chose it over a big salary.

The survey found that though Generation Y’s views on whether and why they wanted to lead varied considerably by culture, they displayed a yearning for self-control. They wanted to be supported by leaders, but not bossed around by them.

An expanded global study this year included Gens X and Z, those born before the millennials and the one after (from 1994 onwards).

The researchers found some interesting similarities in expectations but also fears, which have big implications for leaders and organisations.

The survey of 18,000 professionals and students across the three generations in 19 countries, from the most developed to the emerging economies, revealed that all three generations, particularly those already in the workforce, were keenly interested in start-ups and entrepreneurship.

More than one in four students and one in three working professionals are interested in starting their own businesses. There is notably high entrepreneurial fervour in Mexico and the United Arab Emirates. It also shows a lessening interest among them in working for a Fortune 500 firm.

This factor was much in evidence among working professionals with more of them wanting to start their own business than work for an international company or organisation. Across the generations, no more than 9% wanted to work for the government.

Thus companies, aiming to attract, develop and retain would do well to keep in mind these factors. The survey shows that the millenials and other two generations do not favour the hierarchy, structures and silos. Earlier, such companies used to be favoured for providing financial security and other perks.

However, today’s generations are more interested in whether their personalities fit with the companies they work for and, crucially, whether it gives them meaning and purpose.

In 2014, the biggest fear expressed by 40% of respondents was getting stuck in a job with no development opportunities. In the latest survey, it was found that Generations Z and X shared this concern, Gen X to a lesser extent.

Almost half of Gen Y and Z students and professionals expressed themselves to be either “afraid” or “very afraid” that they won’t get a job that matches their personality. 40 % of Gen Xers agreed with the view.

Hope for the future of work was where differences emerged amongst the generations. In some countries, the gap between Gens X and Y is large. In Germany, for instance, Gen Y has greater hope about the future than they felt as students, with the opposite being true for Gen X.

The same pattern was seen in Italy, Mexico and Russia. These divides are important, given research showing that job insecurity reduces mental health, job satisfaction and performance while increasing burnout.

The challenges women face and their fears about their careers vary significantly by country and generation, which will be important for multinationals rolling out initiatives across many borders.

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A common fear for Gen Z women in India, for instance, was that “no one will listen to me”, while peers in the United States worry more that they won’t be seen as valuable to their organisation.

This was also a key concern for Gen Y professionals in China. For Gen Xers around the world, women are worried that they won’t be able to realise their career goals and enjoy their retirement.

Gens X, Y and Z are keenly interested in agility and making sure they reach their lofty goals. Organisations can respond by making their big firms feel small and nimble.

Some are applying agile project management principles, which structures teams to allow them to adapt quickly, focusing on specific sets of tasks across a tight time frame. In other situations, firms are trying “intrapraneurship”, giving employees the ability to work on start-up projects within the firm.

All generations are concerned about whether their personalities fit with the companies they work for (Gen X to a lesser extent of around 40% of respondents) and, crucially, whether it gives them meaning and purpose.

In the 2014 report, the respondents had exhibited an “overwhelming desire to contribute to society”. They also expressed the need for constant feedback.

The extent of fear across the generations should also be taken note of. Given that fear can undermine job satisfaction and also performance, organisations should take steps to combat fear and stress. Benefits that resonate particularly well with millennials include “go dark” vacations with no access to emails or company phones and helping Gen Zers pay off their mounting student debt.

Employers can help by offering access to platforms like Student Loan Genius to help them pay off their loans in a contribution scheme similar to the way retirement plans work.(Image Source:Wikipedia.org)